Bank of Baroda Launches ‘Square Drive’ FD Scheme

Context:

Bank of Baroda (BoB) has introduced a new fixed deposit scheme, dubbed the ‘bob Square Drive Deposit Scheme’, offering attractive interest rates up to 7.80% per annum. This move comes as part of BoB’s strategic shift to offer more competitive and flexible investment products in the current economic climate.

Key Highlights of the Square Drive FD Scheme:

• Effective Date: April 7, 2025
• Tenure: 444 days
• Interest Rates:
  • General Citizens: 7.15% p.a.
  • Senior Citizens (60+ years): 7.65% p.a. (0.50% extra)
  • Super Senior Citizens (80+ years): 7.80% p.a. (0.15% extra over senior rate)

This scheme is ideal for conservative investors looking for secure returns over a short-to-mid-term horizon.

Utsav Deposit Scheme Discontinued

Simultaneously, BoB has withdrawn the Utsav Deposit Scheme, a festive-time offering, and made adjustments to existing FD rates across tenures to better reflect market dynamics.

Why it Matters:

• Investor Advantage: Higher returns for super senior citizens stand out among public sector banks.
• Market Relevance: Recalibrated rates align BoB more competitively with peers.
• Focus on Flexibility: A fixed tenure of 444 days offers planning clarity to depositors.

TET